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sbi annuity deposit scheme: rate of interest and other details

Sunday, May 12 2019 10:15AM

SBI or State Bank of India offers annuity deposit scheme, which is a type of fixed deposit (FD) or term deposit. The scheme enables a person to pay a one-time lump sum amount and receive the same in equated monthly instalments (EMIs). It comprises a part of the principal amount as well as interest on the reducing principal amount, according to the bank's official website - sbi.co.in. The amount is compounded at quarterly rests and discounted to the monthly value, said the country's largest lender on its portal.